FinTech

Cornerstone FS Plc, a foreign exchange and payments company offering multi-currency accounts to businesses and individuals, has seen annual revenue climb 110%.

For the 12 months ended 31st December 2022, the London firm reported revenue of £4.8 million – up from £2.3m in 2021 – while EBITDA loss was reduced to £900,000 from £1.3m in the prior year.

Gross margin improved to 60.9% from 51.6%, with transacted payments totalling £584m, up 61%.

The company’s number of active customers increased by 38% to 803 as it expanded partnerships to increase the number of currencies, countries and sectors that it services.

Cornerstone also acquired Capital Currencies, a foreign exchange broker, and Pangea FX, a specialist FX and treasury consultancy.

It has entered an agreement to sell Avila House Ltd, a non-core subsidiary, for £300,000 and licence the group’s platform to the buyer, which completed this calendar year.

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“During 2022, Cornerstone continued to deliver on its strategy, improved operationally and achieved a strong financial performance with revenues more than doubling and an increase in gross margin,” said James Hickman, CEO. 

“This growth was accelerated by two acquisitions during the year, which also supported the completion of our transition to a business that services customers directly. Through the expansion of our offer, enhancement of our platform and strengthening of our team, we took important actions to position Cornerstone for an even greater 2023. 

“The strong trading momentum experienced in 2022 has been sustained into the current year, and we remain on track for a significant increase in revenue for full year 2023 and are optimistic in terms of adjusted EBITDA positivity. 

“As a result, and as we continue to broaden our partnership network and offer, we remain confident in the future and look forward to reporting on our progress.”

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